Posts Tagged ‘GBPCAD Analysis’

CAD Unemployment report impact on the GBPCAD

Written by Raul Lopez on . Posted in Trades & Analysis

Do you hold your trades during important announcements?

Sometimes I do, but only when the market has moved on my favor enough to make me feel comfortable with my trade and move my SL to the BE level (at least).

But sometimes we need to be careful, especially with the GBP and CAD which are the currencies that react the most to its fundamental announcements.

Take a look at the GBPCAD:

What do you think?

Do you hold your trades during important announcements?

Have a great weekend! And I see you on Monday!

Raul Lopez
Forex Coaching

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Still considering shorting the GBPCAD

Written by Raul Lopez on . Posted in Trades & Analysis

Are you going to hold your trades during the US interest rate announcement? I’d close them and reopen them after the announcement…

Anyway, a few days back I wrote about the GBPCAD, it was trading in a clear bearish condition, and now it has confirmed the ST resistance level with some kind of downward pressure:

Are you still thinking about going short here? Please let me know.

Trade Safe!

Raul Lopez
Forex Training

Are you bearish on the GBPCAD? I am…

Written by Raul Lopez on . Posted in Trades & Analysis

There is still a long way to go before the GBPCAD reaches the next LT support level, it is currently trading at 1.5611 and the next LT support level is at 1.5427, more than 170 pips away. So we have plenty of room to get a good trade going.

This is the hourly chart:

As you can see it has a clear resistance level, which is exactly where I’m going to be looking for my short opportunity.

Do you agree with me?

Trade Safe!

Raul Lopez
Forex Coaching

GBPCAD is trading in a short term range

Written by Raul Lopez on . Posted in Trades & Analysis

Even though the GBPCAD is trading in a short term range, I wouldn’t try going long at the bottom of the range, because it is trading in a bearish condition, it is likely to continue its way down. Instead I’d look for short opportunities, and of course, I’d target the next LT support level around 1.5427 (it is currently trading at 1.6049):

We still got more than 500 pips before we hit the next level, so we have time to look for our short entry.

Do you see the same here?

Trade Safe!

Raul Lopez
Forex Training

GBPCAD almost ready to go short

Written by Raul Lopez on . Posted in Trades & Analysis

A few days back I did a long term and short term analysis for the GBPCAD, it was trading near a LT resistance level, and when looking at the short term chart, you clearly saw the range it was trading on.
Guess what?

The GBPCAD already broke the bottom of the range:

What can I do with this breakout?

Well, it is now trading in a bearish condition, that means that it is likely to continue its way down until it reaches the next LT support level, which is at 1.5427 (more than 650 pips away from where it is currently trading).

We need to be careful though, tomorrow we have 3 interest rates announcements and NFP report coming this Friday.

Trade Safe!

Raul Lopez
Forex Course

GBPCAD Long and Short term Analysis

Written by Raul Lopez on . Posted in Trades & Analysis

First, a word of caution, remember this week we have plenty of fundamental announcements.

Even if you don’t trade the GBPCAD, you are going to like the way it is currently trading. First, take a look at the daily chart:

Don’t you like this chart? It’s clear what the market is doing, once it gets close to the resistance level it gets rejected and reaches the support level, and once it gets close to the support level, it gets rejected again and reaches the next resistance level.

So what do we do here? We just adapt. Right now it is trading pretty close to the resistance level, when do we know when to start looking for trade opportunities? Ahhh good question. To assess this, we need the help of the short term charts, which looks like this:

What a surprise, it is trading in a well defined range. So I have two possibilities here:

  • If the GBPCAD breaks the green resistance level (it’s a short term) I’ll start looking for long opportunities.
  • But if it breaks the green support level (again, short term level) I’ll start looking for short opportunities.

So I will adapt, I don’t need to guess where the market is going, I’m just going to wait and see where the market goes, when I get the breakout, I start looking for a trade opportunities in the direction of it.

Trade Safe!

Raul Lopez
Forex Training

GBPCAD – Still bullish, still looking for longs

Written by Raul Lopez on . Posted in Trades & Analysis

Hope you all had a great weekend! I did, and I’m ready to start the week with some good trades… are you?

Now, let me talk to you about the GBPCAD, last week I focused on a few EUR crosses, but some GBP crosses are also tradable, I mean, when you look at their long term charts, you get the feeling that its clear what the market is likely to do…

Take a look at the GBPCAD:

What do you think the GBPCAD will do next? Since it was rejected from the bottom of the range, I guess it will continue its way up until it reaches the next LT resistance level. Therefore, only long opportunities are in play here.

Have a great week ahead!

Trade Safe!

Raul Lopez
Forex Course

GBPCAD rejected from LT support level

Written by Raul Lopez on . Posted in Trades & Analysis

As you already know, I like to see clear support and resistance levels on the LT charts before I even start to think about trading any currency pairs. On the GBPCAD I see clear S&R levels on the LT charts, and it looks like it has been rejected from an important support level.

On the other hand, on the hourly chart, it already broke the range it traded in since last Thursday, meaning that I should be ready to start looking for long opportunities:

As long as the GBPCAD trades above 1.5665 I will be looking for long opportunities. What is most interesting about this chart is that the next LT resistance level is about 480 pips from where it is currently trading.

Trade Safe!

Raul Lopez
Forex Training

Added to my GBPCAD Trade

Written by Raul Lopez on . Posted in Trades & Analysis

Do you take partial profits when the market moves on your favor? I don’t, I do exactly the opposite. When the market moves on my favor I trade to add to my trade (if I get a new signal). Why would I make smaller my trade, when the market is telling me that I probably made the right decision? Instead, I try to increase my position size…

This is what I just did with my GBPCAD trade earlier. Since I have nothing at risk from my first trade, I’m able to take this other trade:

Entry: 1.5629
SL: 1.5673 (Both SL’s are at the same level, locking in 168 pips from first trade)
TP: 1.5457 (Both TP’s are at the same level)

Trade Safe!

Raul Lopez
Forex Course

Trade on GBPCAD

Written by Raul Lopez on . Posted in Trades & Analysis

I only have one trade open, a GBPCAD short that I opened yesterday, I was about to add to this position after a possible signal off the 15M charts, but it didn’t form the pattern that I was expecting, still looks good though and I’m looking to take profits at 1.5457 (so it still has a long way to go before reaching my TP level):

Other than this, do you see more opportunities? I think the ones that are worth looking at are the GBP crosses, most of them are in a clear bearish condition, but that’s it! Not many opportunities this week.

Trade Safe!

Raul Lopez
Forex Course

StraightForex
Raul Lopez Forex

Trading should be simple

I like to trade using simple tools such as support and resistance levels, candlesticks, price action and others. If you like simplicity, you'll love my Forex Coaching. Read more about me.

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